From Startup Fortune · · 1m 20s
Pakistani man wanted after $2 flat-rate fake stamps cost USPS $126 million
Pakistani man charged with selling counterfeit USPS stamps for $2 each, costing postal service $126 million.
In brief
Pakistani man charged with selling counterfeit USPS stamps for $2 each, costing postal service $126 million. Pakistani man Faheem Akram was arrested for selling fake USPS shipping labels at $2 each, costing the postal service $126 million. Originally reported by Startup Fortune.
Pakistani man charged with fake stamps
Faheem Akram, 33, from Khanewal in Pakistan's Punjab province, was arrested by Pakistan's National Cyber Crime Investigation Agency in Lahore.
LabelsBank.com sold fake stamps for $2
LabelsBank.com charged customers $2 for shipping labels regardless of package weight, destination, or shipping cost.
USPS lost $126 million from fake stamps
The US Postal Service lost over $126 million after LabelsBank.com sold more than 5.1 million counterfeit postage labels to 5,200 buyers.
Federal indictment for fraud
Federal prosecutors charged Akram with conspiracy to defraud the US, five counts of making counterfeit postage labels, and four counts of wire fraud.
Wire fraud carries 20-year sentence
Each wire fraud count could lead to up to 20 years in prison if Akram is convicted on all charges.
USPS lost $126 million from fake stamps
The US Postal Service lost over $126 million after LabelsBank.com sold more than 5.1 million counterfeit postage labels to 5,200 buyers.
The takeaway
Pakistani man Faheem Akram was arrested for selling fake USPS shipping labels at $2 each, costing the postal service $126 million.
